OFF THE TICKER

Published 4:00 am, Wednesday, November 12, 1997

AH: Apple on-line store a "hit'

Apple Computer Inc. said Tuesday its new on-line store - for selling products over the Internet - had received more than 4.4 million "hits" and booked some $500,000 worth of orders during its first 12 hours of operation. "We're thrilled by this immediate customer response to our Apple Store and new G3 computers," said Steve Jobs, the Cupertino computer maker's co-founder and interim CEO. Monday, Apple launched a new line of Power Macintosh computers and some major changes in the way it makes and sells products, including the addition of an on-line store. The Apple Store, at www.apple.com on the Internet, is part of Apple's new distribution strategy to give customers a greater choice in how they buy the products. The strategy also includes making systems to customer specifications and using more common parts, lowering product inventories and manufacturing costs. "It's an excellent start," said Lou Mazzucchelli, a Gerard Klauer & Mattison analyst. "Obviously, there is a lot of pent-up demand. . . . I think it's a terrific number. The question is, can they sustain it?" (Reuters)

First-Class Passenger Booted From Flight After Sneaking Drinks to Friends in CoachBuzz 60

Elon Musk's Life-or-Death Decision for Tesla's FutureCheddar TV

Netflix Is Now Worth More Than Disney With Boost From The ObamasBuzz 60

Inside First Lady Melania Trump’s Daily RoutineVeuer

"sweatshop' charges

A leading labor-rights activist has accused major U.S. retailing companies Wal-Mart, Kmart and J.C. Penney of subcontracting in a Nicaraguan "sweatshop" despite efforts to end exploitation of Central American, Caribbean and Asian workers. Charles Kernaghan, who 18 months ago exposed a factory in Honduras that made clothes for Wal-Mart carrying the name of American TV personality Kathie Lee Gifford, told reporters an investigation had found seamstresses making 15 cents an hour and children as young as 15 in one apparel plant. J.C. Penney said, "We take allegations regarding the manufacturing of our merchandise very seriously, and we are investigating." Kmart said it had inspected the factory twice this year and would do so again. (Reuters)

GM sees charges

of up to $3 billion

General Motors Corp. expects to take up to $3 billion in charges to cover plant closings and other restructuring costs, a figure that could exceed some of the massive write-offs GM took in the early 1990s to pay for closing 23 plants. GM said estimated after-tax charges of $2 billion to $3 billion, equal to $2.85 to $4.27 a share of its stock, were associated with several internal studies on the competitiveness of its worldwide operations. GM plans to record the charges in the quarter the studies are completed. (Reuters)

Radio moguls move

into movie theaters

Hicks, Muse, Tate & Furst Inc., which already owns a radio empire, is moving into the movies. Hicks Muse said Wednesday it will pay $850 million to buy Oscar 1 Corp., the parent company of United Artists Theatre Group, the second-largest movie theater chain in the United States with 2,174 screens in 26 states. John Muse, chief operating officer of the Dallas-based company, said the purchase gives the investment company an inroad into the film exhibition business. The cost of the transaction is based on United Artists' projected debt balance at closing and a $300 million common equity valuation. The deal is expected to close in early 1998. No layoffs are expected. Senior managers will stay at United Artist's Englewood, Colo., headquarters.(Associated Press)&lt;